Obbligazione JPMorgan Chase 7.05% ( US48126D5P08 ) in USD

JPMorgan Chase

98.75 USD ⇌

Stati Uniti

US48126D5P08 ( in USD )

7.05% per anno ( pagato 2 volte l'anno)

19/07/2028

Prospetto opuscolo dell'obbligazione JP Morgan US48126D5P08 en USD 7.05%, scadenza 19/07/2028

1 000 USD

48126D5P0

N/A

19/01/2026 ( In 180 giorni )

JPMorgan Chase & Co. è una delle più grandi istituzioni finanziarie al mondo, operante nel settore bancario d'investimento, gestione patrimoniale e servizi finanziari.

The Obbligazione issued by JPMorgan Chase ( United States ) , in USD, with the ISIN code US48126D5P08, pays a coupon of 7.05% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 19/07/2028

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...
424B2 1 e54655_424b2.htm PRICING SUPPLEMENT NO. 1577
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$6,265,000
$854.55

1 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

July 2013
Pricing supplement No. 1577
Registration Statement No. 333-177923
Dated July 16, 2013
Filed pursuant to Rule 424(b)(2)
INTEREST RATE STRUCTURED INVESTMENTS
Floating Rate Notes due July 19, 2028
6-Month USD LIBOR and Russell 2000® Index Range Accrual Notes
As further described below, subject to our redemption right, interest will accrue quarterly on the notes at a variable rate equal to 7.05% per annum for each day that (i)
6-Month USD LIBOR is greater than or equal to 0.00% and less than or equal to 6.00% and (ii) the closing level of the Russell 2000® 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 July 19, 2019. All payments on the notes, including the
repayment of principal, are subject to the credit risk of JPMorgan Chase & Co.
SUMMARY TERMS
Issuer:
JPMorgan Chase & Co.
Aggregate principal amount:
$6,265,000. We may increase the aggregate principal amount prior to the original issue date but are not required to
do so.
Stated principal amount:
$1,000 per note
Issue price:
$1,000 per note (see "Commissions and Issue Price" below)
Pricing date:
July 16, 2013
Original issue date:
July 19, 2013 (3 business days after the pricing date)
Interest accrual date:
July 19, 2013
Maturity date:
July 19, 2028, 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.
Interest:
Original issue date to but excluding the maturity date:
(x) 7.05% per annum 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.
Interest payment period:
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).
Interest payment dates:
Each January 19, April 19, July 19 and October 19 beginning October 19, 2013; 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.
Day-count convention:
30/360
Redemption percentage:
With respect to a redemption date, if any, 100%
Redemption:
Beginning July 19, 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.
Redemption date:
Each interest payment date beginning on July 19, 2019
LIBOR reference rate:
6-month USD LIBOR. Please see "Additional Provisions" beginning on page 2 below.
LIBOR reference rate range:
Greater than or equal to 0.00% and less than or equal to 6.00%
LIBOR reference rate cutoff:
For any interest payment period, the LIBOR reference rate for any day from and including the seventh scheduled
business day prior to the related interest payment date shall be the LIBOR reference rate as in effect for the trading
day immediately preceding such seventh scheduled business day. Please see "Additional Provisions" beginning on
page 2 below.
Index:
The Russell 2000® Index. Please see "Additional Provisions" beginning on page 2 below.
Index closing value:
The daily closing value of the Index. Please see "Additional Provisions" beginning on page 2 below.
Index reference level:
779.0625, which is 75% of the index closing value on the pricing date.
Index cutoff:
For any interest payment period, the index closing value for any day from and including the seventh 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 seventh scheduled business day. Please see "Additional Provisions" beginning on
page 2 below.
Specified currency:
U.S. dollars
Calculation agent:
J.P. Morgan Securities LLC ("JPMS")
Listing:
The notes will not be listed on any securities exchange.
2 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...
Denominations:
$1,000 / $1,000
CUSIP / ISIN:
48126D5P0/ US48126D5P08
Book-entry or certificated note:
Book-entry
Business day:
New York
Agent:
JPMS
Commissions and issue price:
Price to Public(1)
Fees and Commissions(2)
Proceeds to Issuer
Per Note
$1,000
$30.00
$970.00
Total
$6,265,000
$187,950
$6,077,050
(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-28 of the accompanying product
supplement no. MS-2-I.
(2)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 Smith Barney LLC ("MSSB"). See "Plan of Distribution (Conflicts of Interest)" beginning on page PS-41 of the
accompanying product supplement no. MS-2-I.
The estimated value of the notes as determined by JPMS when the terms of the notes were set was $911.11 per $1,000 stated principal amount notes.
See "Additional Information About the Notes -- JPMS's Estimated Value of the Notes" in this document for additional information.
Investing in the notes involves a number of risks. See "Risk Factors" on page US-1 of the accompanying underlying supplement no. 1-I, "Risk Factors"
on page PS-16 of the accompanying product supplement no. MS-2-I and "Risk Factors" beginning on page 7 of these preliminary terms.
Neither the Securities and Exchange Commission (the "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 underlying supplement, product supplement, prospectus
supplement and prospectus. Any representation to the contrary is a criminal offense.
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.
YOU SHOULD READ THIS PRICING SUPPLEMENT TOGETHER WITH THE RELATED UNDERLYING SUPPLEMENT NO. 1-I, PRODUCT SUPPLEMENT NO. MS-2-I, PROSPECTUS SUPPLEMENT AND
PROSPECTUS, EACH OF WHICH CAN BE ACCESSED VIA THE HYPERLINKS BELOW, BEFORE YOU DECIDE TO INVEST.
Underlying supplement no. 1-I dated November 14, 2011: http://sec.gov/Archives/edgar/data/19617/000089109211007615/e46154_424b2.pdf
Product supplement no. MS-2-I dated November 14, 2011: http://www.sec.gov/Archives/edgar/data/19617/000089109211007605/e46194_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

3 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

Floating Rate Notes due July 19, 2028
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 cal ed "Description of Debt Securities," the accompanying prospectus supplement cal ed "Description of Notes" and the
accompanying product supplement no. MS-2-I cal ed "Description of Notes," subject to and as modified by the provisions described above. Al payments on
the notes are subject to the credit risk of JPMorgan Chase & Co.
Additional Provisions
LIBOR Reference Rate
For each accrual determination date, the LIBOR reference rate refers to the London Interbank Offered Rate for deposits in U.S. dol ars 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 wil determine 6-month USD LIBOR in accordance with the
procedures set forth in the accompanying product supplement no. MS-2-I under "Description of Notes -- Interest -- The Underlying Rates and Levels --
LIBOR Reference Rate."
Index Closing Value
For each accrual determination date, the official closing level of the Russell 2000® Index (the "Index") published fol owing the regular official weekday close of
trading for the Russell 2000® Index on Bloomberg Professional® Service page "RTY Index HP" on such accrual determination date. If a market disruption
event exists with respect to the Russel 2000® 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 wil 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 wil be based
on the alternative calculation of the Russel 2000® Index as described under "General Terms of Notes -- Discontinuation of an Index; Alteration of Method
Calculation" in the accompanying product supplement no. MS-2-I.
Accrual Determination Date
For each calendar day, the second trading day prior to such calendar day; provided that for the period commencing on the seventh 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. MS-2-I, an accrual determination date is a LIBOR determination date and an index determination date.
Trading Day
A day, as determined by the calculation agent, on which (a) trading is generally conducted on (i) the relevant exchanges for securities underlying the Russell
2000® Index or the relevant successor index, if applicable, and (ii) the exchanges on which futures or options contracts related to the Russell 2000® 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.
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 dol ars are not conducted.

July 2013
Page 2
4 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

Floating Rate Notes due July 19, 2028
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 LIBOR reference rate range and 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 reflects an interest rate of 7.05% per annum.
The example below is for purposes of il ustration only and would provide different results if different assumptions were made. The actual quarterly interest rate
and payments wil depend on the actual index closing value and LIBOR reference rate on each day.
N
Hypothetical Interest Rate
0
0.0000%
10
0.7833%
20
1.5667%
25
1.9583%
35
2.7417%
50
3.9167%
75
5.8750%
90
7.0500%
Historical Information
LIBOR Reference Rate
The fol owing graph sets forth the weekly LIBOR reference rate for the period from January 4, 2008 to July 12, 2013. The LIBOR reference rate on
July 16, 2013 was 0.4020%. 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 wil be within the 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 paral els but is not
necessarily exactly the same as the Reuters Page price sources used to determine the LIBOR reference rate.

July 2013
Page 3
5 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

Floating Rate Notes due July 19, 2028

Historical period

Total number of days in historical period, beginning on January 4, 2008
1,399
Number of days on or after January 4, 2008 that the LIBOR reference rate was
greater than or equal to 0.00% and less than or equal to 6.00%
1,399
Number of days on or after January 4, 2008 that the LIBOR reference rate was
less than 0.00% or greater than 6.00%
0

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 6.00% for extended periods of time. You will not receive interest for any day that the LIBOR reference rate is less than 0.00% or greater than
6.00%.
Moreover, even if the LIBOR reference rate is greater than or equal to 0.00% and less than or equal to 6.00% on any day, if the index closing
value is less than the index reference level on that day, you will not receive any interest for that day.

July 2013
Page 4
6 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

Floating Rate Notes due July 19, 2028
Information about the Underlying Index
The Russell 2000® Index.
The Russel 2000® Index, which is calculated, maintained and published by Russell Investments ("Russell"), a subsidiary of Russell Investment Group
(formerly, Frank Russel Company), measures the capitalization-weighted price performance of the smal -cap stocks included in the Russell 2000® Index (with
respect to the Russel 2000® Index, the "Component Stocks") and is designed to track the performance of the smal capitalization segment of the U.S. equity
market. Al stocks included in the Russel 2000® Index are traded on a major U.S. exchange. The companies included in the Russel 2000® Index are the
middle 2,000 of the companies that form the Russel 3000ETM Index, which is composed of the 4,000 largest U.S. companies as determined by market
capitalization and represents approximately 99% of the U.S. equity market. The Russell 2000® Index is reported by Bloomberg L.P. under the ticker symbol
"RTY." The Russell 2000® Index is described under the heading "The Russell 2000® Index" in the accompanying underlying supplement no. 1-I.

Disclaimers
The notes are not sponsored, endorsed, sold, or promoted by Russell or any successor thereto or index owner and neither Russell nor any party hereto
makes any representation or warranty whatsoever, whether express or implied, to the owners of the notes or any member of the public regarding the
advisability of investing in securities generally or in the notes particularly or the ability of the Russel Indices to track general stock market performance or a
segment of the same. Russel 's publication of the Russel Indices in no way suggests or implies an opinion by Russel as to the advisability of investment in
any or al of the securities upon which the Russell Indices are based. Russel 's only relationship to JPMorgan Chase & Co. and its affiliates is the licensing of
certain trademarks and trade names of Russell and of the Russel Indices, which are determined, composed and calculated by Russel without regard to
JPMorgan Chase & Co. and its affiliates or the notes. Russel is not responsible for and has not reviewed the notes or any associated literature or publications
and Russel makes no representation or warranty express or implied as to their accuracy or completeness, or otherwise. Russel reserves the right, at any time
and without notice, to alter, amend, terminate or in any way change the Russell Indices. Russel has no obligation or liability in connection with the
administration, marketing or trading of the notes. "Russell 1000® Index," "Russel 2000® Index," "Russel 3000® Index" and "Russel 3000ETM Index" are
trademarks of Russel and have been licensed for use by JPMorgan Chase Bank, National Association and its affiliates. This transaction is not sponsored,
endorsed, sold, or promoted by Russel and Russel makes no representation regarding the advisability of entering into this transaction. See "The Russell
Indices -- Disclaimer" in the accompanying underlying supplement no. 1-I.

RUSSELL DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE RUSSELL INDICES OR ANY DATA INCLUDED
THEREIN AND RUSSELL SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. RUSSELL MAKES NO
WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JPMORGAN CHASE & CO. AND/OR ITS AFFILIATES, INVESTORS,
OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RUSSELL INDICES OR ANY DATA INCLUDED
THEREIN. RUSSELL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE RUSSELL INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT
LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL RUSSELL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Historical Information
The fol owing table sets forth the published high and low index closing values, as wel as end-of-quarter index closing values, for each quarter in the period
from January 4, 2008 through July 16, 2013. The graph fol owing the table sets forth the weekly closing values of the index for the period from January 4, 2008
through July 12, 2013. The closing value of the index on July 16, 2013 was 1,038.75. The historical values of the Russel 2000® 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.

July 2013
Page 5
7 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

Floating Rate Notes due July 19, 2028

Russell 2000® Index
High
Low
Period End
2008

First Quarter
753.55
643.97
687.97
Second Quarter
763.27
686.07
689.66
Third Quarter
754.38
657.72
679.58
Fourth Quarter
671.59
385.31
499.45
2009

First Quarter
514.71
343.26
422.75
Second Quarter
531.68
429.16
508.28
Third Quarter
620.69
479.27
604.28
Fourth Quarter
634.07
562.40
625.39
2010

First Quarter
690.30
586.49
678.64
Second Quarter
741.92
609.49
609.49
Third Quarter
677.64
590.03
676.14
Fourth Quarter
792.35
669.45
783.65
2011

First Quarter
843.55
773.18
843.55
Second Quarter
865.29
777.20
827.43
Third Quarter
858.11
643.42
644.16
Fourth Quarter
765.43
609.49
740.92
2012

First Quarter
846.13
747.28
830.30
Second Quarter
840.63
737.24
798.49
Third Quarter
864.70
767.75
837.45
Fourth Quarter
852.49
769.48
849.35
2013

First Quarter
953.07
872.60
951.54
Second Quarter
999.99
901.51
977.48
Third Quarter (Through July 16, 2013)
1,043.30
989.47
1,038.75

July 2013
Page 6
8 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

Floating Rate Notes due July 19, 2028

Historical period

Total number of days in the historical period, beginning on January 4, 2008
1,394
Number of days on or after January 4, 2008 that the index was greater than
or equal to 779.0625 (75% of the index closing level on 7/16/2013)
487
Number of days on or after January 4, 2008 that the index was less than
779.0625 (75% of the index closing level on 7/16/2013)
907

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. You will not receive interest for any day that the index closing value is less than the index reference level.
Moreover, even if the index closing value is greater than or equal to the index reference level on any day, if the LIBOR reference rate is less than
0.00% or greater than 6.00% on that day, you will not receive any interest for that day.

July 2013
Page 7
9 of 16
7/19/2013 8:40 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213006322/e...

Floating Rate Notes due July 19, 2028
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. 1-I and "Risk Factors" beginning on
page PS-16 of the accompanying product supplement no. MS-2-I.
§ 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 wil 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 7.05% per annum during any interest payment period. The interest rate wil be limited to 7.05% per
annum during any interest payment period. Interest during any interest payment period wil accrue at a rate per annum equal to the product of (1) 7.05%
per annum 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 wil never exceed 7.05% per annum.
§ The interest rate on the notes is based on 6-month USD LIBOR and the index closing value, which may result in an interest rate of zero.
Although the maximum rate is equal to 7.05% per annum, for every calendar day during any interest payment period that is not an accrual determination
date, the interest rate for that interest payment period wil 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 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 are subject to the credit risk of JPMorgan Chase & Co., and any actual or anticipated changes to our credit ratings or credit
spreads may adversely affect the market value of the notes. 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 in connection with the issuance of the notes, including acting as calculation agent and hedging
our obligations under the notes. In performing these duties, 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. It is possible that such hedging or trading activities 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 whether any calendar day is an accrual determination date will not
be the LIBOR reference rate and the index closing value on such calendar day. 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

July 2013
Page 8
10 of 16
7/19/2013 8:40 AM