Obbligazione JPMorgan Chase 4.5% ( US48126NHJ90 ) in USD

JPMorgan Chase

100 USD ▼

Stati Uniti

US48126NHJ90 ( in USD )

4.5% per anno ( pagato 2 volte l'anno)

31/07/2023 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione JP Morgan US48126NHJ90 in USD 4.5%, scaduta

1 000 USD

4 991 000 USD

48126NHJ9

N/A

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 US48126NHJ90, pays a coupon of 4.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 31/07/2023

Pricing Supplement No.1617
http://www.sec.gov/Archives/edgar/data/19617/000119312513310596/d...
424B2 1 d575433d424b2.htm PRICING SUPPLEMENT NO.1617
CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered

Maximum Aggregate Offering Price

Amount of Registration Fee
Notes

$4,991,000

$680.77
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Pricing Supplement No.1617
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Pricing supplement no. 1617
Registration Statement No. 333-177923
To prospectus dated November 14, 2011,
Dated July 26, 2013
prospectus supplement dated November 14, 2011,
Rule 424(b)(2)
product supplement no. 6-I dated November 14, 2011 and
underlying supplement no. 4-III dated June 29, 2012

$4,991,000
Market-Linked Notes with Contingent Coupons Linked to the Performance of the JPMorgan

ETF Efficiente 5 Index due July 31, 2023

General

--

Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing July 31, 2023*

--

Cash payment at maturity of principal plus the Additional Amount** and the final Contingent Coupon, if any, as described below
--
The notes are designed for investors who seek exposure to any appreciation of the JPMorgan ETF Efficiente 5 Index at maturity and who seek a Contingent Coupon** with respect to

each quarterly Coupon Review Date on which the Index closing level of the JPMorgan ETF Efficiente 5 Index is greater than or equal to its Initial Index Level. The notes may be
appropriate for investors requiring asset and investment strategy diversification. Investors should be willing to forgo fixed coupons and dividend payments, while seeking payment of your
principal in full at maturity. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.

--

The level of the Index reflects the deduction of a fee of 0.50% per annum that accrues daily.

--

Investors will receive no coupon payments if the Index closing level is less than the Initial Index Level on each quarterly Coupon Review Date.

--

Investing in the notes is not equivalent to investing in the JPMorgan ETF Efficiente 5 Index, any of the Basket Constituents or any of the assets underlying the Basket Constituents.

--

Minimum denominations of $1,000 and integral multiples thereof

--

The notes priced on July 26, 2013 and are expected to settle on or about July 31, 2013.

--

The stated payout, including the repayment of principal, is available from JPMorgan Chase & Co. only at maturity.

--

The notes will not be listed on an exchange and may have limited or no liquidity.
--
The terms of the notes as set forth below, to the extent they differ or conflict with those set forth in the accompanying product supplement no. 6-I, will supersede the terms

set forth in the accompanying product supplement. Among other things, your payment at maturity will be determined as described below under "Key Terms -- Payment
at Maturity." See "Supplemental Terms of the Notes" in this pricing supplement for more information.
Key Terms
Index:

JPMorgan ETF Efficiente 5 Index (the "Index")
Payment at Maturity:
At maturity, you will receive, in addition to the final Contingent Coupon, if any, a cash payment, for each $1,000 principal amount note, of $1,000 plus the
Additional Amount**, which may be zero.

You will be entitled to repayment of principal in full only at maturity, subject to the credit risk of JPMorgan Chase & Co.
Additional Amount**:
The Additional Amount per $1,000 principal amount note payable at maturity will equal $1,000 × the Index Return × the Participation Rate, provided that the

Additional Amount** will not be less than zero.
Participation Rate:

100%
Contingent Coupons**:
If the Index closing level on any quarterly Coupon Review Date is greater than or equal to the Initial Index Level, you will receive on the applicable Coupon
Payment Date for each $1,000 principal amount note a Contingent Coupon** equal to $1,000 × Coupon Rate × 1/4.

If the Index closing level on any Coupon Review Date is less than the Initial Index Level, no Contingent Coupon will be made on the applicable Coupon Payment

Date.
Coupon Rate:

4.50% per annum, if applicable, payable at a rate of 1.125% per quarter
Coupon Review Dates*:
October 28, 2013, January 28, 2014, April 24, 2014, July 28, 2014, October 28, 2014, January 27, 2015, April 24, 2015, July 28, 2015, October 27, 2015, January
26, 2016, April 25, 2016, July 26, 2016, October 26, 2016, January 26, 2017, April 25, 2017, July 26, 2017, October 26, 2017, January 26, 2018, April 24, 2018,
July 26, 2018, October 28, 2018, January 28, 2019, April 24, 2019, July 28, 2019, October 28, 2019, January 28, 2020, April 24, 2020, July 28, 2020, October 27,
2020, January 26, 2021, April 26, 2021, July 27, 2021, October 26, 2021, January 26, 2022, April 25, 2022, July 26, 2022, October 26, 2022, January 26, 2023,

April 25, 2023 and the Observation Date
Coupon Payment Dates*:
October 31, 2013, January 31, 2014, April 30, 2014, July 31, 2014, October 31, 2014, January 30, 2015, April 30, 2015, July 31, 2015, October 30, 2015, January
29, 2016, April 28, 2016, July 29, 2016, October 31, 2016, January 31, 2017, April 28, 2017, July 31, 2017, October 31, 2017, January 31, 2018, April 27, 2018,
July 31, 2018, October 31, 2018, January 31, 2019, April 30, 2019, July 31, 2019, October 31, 2019, January 31, 2020, April 30, 2020, July 31, 2020, October 30,
2020, January 29, 2021, April 30, 2021, July 30, 2021, October 29, 2021, January 31, 2022, April 28, 2022, July 29, 2022, October 31, 2022, January 31, 2023,

April 28, 2023 and the Maturity Date
Index Return:
Ending Index Level Initial Index Level

Initial Index Level
Initial Index Level:

The Index closing level on the pricing date, which was 118.24
Ending Index Level:

The Index closing level on the Observation Date
Observation Date*:

July 26, 2023
Maturity Date*:

July 31, 2023
CUSIP:

48126NHJ9
ISIN:

US48126NHJ90
*
Subject to postponement in the event of a market disruption event and as described under "Description of Notes -- Payment at Maturity," "Description of Notes -- Interest Payments" in the

accompanying product supplement no. 6-I and "Supplemental Terms of Notes -- Postponement of a Determination Date -- Notes linked solely to the ETF Efficiente Index" in the accompanying
underlying supplement no. 4-III and "Supplemental Terms of the Notes" in this pricing supplement.
**
Subject to the impact of a commodity hedging disruption event as described under "General Terms of Notes -- Additional Index Provisions -- A. Consequences of a Commodity Hedging
Disruption Event -- Early Determination of the Additional Amount" in the accompanying product supplement no. 6-I. In the event of a commodity hedging disruption event, we have the right, but not

the obligation, to cease paying further Contingent Coupons and to cause the note calculation agent to determine on the commodity hedging disruption date the value of the Additional Amount
payable at maturity. Under these circumstances, the value of the Additional Amount payable at maturity will be determined prior to, and without regard to the level of the Index on, the Observation
Date. Please see "Selected Risk Considerations -- We May Cease Paying Further Contingent Coupon And Adjust Your Payment at Maturity If a Commodity Hedging Disruption Event Occurs" for
additional information.
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page PS-16 of the accompanying product supplement no. 6-I, "Risk Factors" beginning on page US-6 of
the accompanying underlying supplement no. 4-III and "Selected Risk Considerations" beginning on page PS-6 of this pricing supplement.
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 product supplement, underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

Price to Public (1)
Fees and Commissions (2)
Proceeds to Issuer
Per note
$1,000
$50
$950
Total
$4,991,000
$249,550
$4,741,450
(1)
See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.
(2)
UBS Financial Services, Inc., which we refer to as UBS, will receive selling commissions from us of $50.00 per $1,000 principal amount note. See "Plan of Distribution (Conflicts of Interest)" beginning
on page PS-76 of the accompanying product supplement no. 6-I.
The estimated value of the notes as determined by J.P. Morgan Securities LLC, which we refer to as JPMS, when the terms of the notes were set, was $904.10 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 by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

UBS Financial Services Inc.
July 26, 2013
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Additional Terms Specific to the Notes
You should read this pricing supplement together with the prospectus dated November 14, 2011, as supplemented by the prospectus supplement dated
November 14, 2011 relating to our Series E medium-term notes of which these notes are a part, and the more detailed information contained in product
supplement no. 6-I dated November 14, 2011 and underlying supplement no. 4-III dated June 29, 2012. This pricing supplement, together with the
documents listed below, contains the terms of the notes, supplements the term sheet related hereto dated July 1, 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 careful y consider, among other things, the matters set forth in "Risk Factors" in the accompanying product supplement no. 6-I and
"Risk Factors" in the accompanying underlying supplement no. 4-III, 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. 6-I dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007596/e46161_424b2.pdf

-- Underlying supplement no. 4-III dated June 29, 2012:
http://www.sec.gov/Archives/edgar/data/19617/000089109212003615/e48971_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
You may access additional information regarding the JPMorgan ETF Efficiente 5 Index in the Strategy Guide at the fol owing URL:
http://www.sec.gov/Archives/edgar/data/19617/000095010313002214/crt_dp37432-fwp.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this pricing supplement, the "Company," "we," "us" and "our" refer to
JPMorgan Chase & Co.
We may create and issue additional notes with the same terms as these notes, so that any additional notes wil be considered part of the same tranche
as these notes.
Supplemental Terms of the Notes
For purposes of the notes offered by this pricing supplement:

-- al references to "Interest Rate" and "Interest Payment Date" in the accompanying product supplement no. 6-I are deemed to refer to "Coupon

Rate" and "Coupon Payment Date," respectively.

-- the Coupon Review Dates are Determination Dates as described in the accompanying product supplement no. 6-I and are subject to
postponement as described under "Supplemental Terms of Notes -- Postponement of a Determination Date -- Notes linked solely to the ETF
Efficiente Index" in the accompanying underlying supplement no. 4-III. If, due to a non-trading day or a market disruption event, a Coupon

Review Date is postponed so that it fal s less than three business days prior to the applicable scheduled Coupon Payment Date, that Coupon
Payment Date wil be postponed to the third business day fol owing that Coupon Review Date, as postponed, and the applicable Contingent
Coupon wil be payable on that Coupon Payment Date, as postponed, with the same force and effect as if that Coupon Payment Date had not
been postponed, and no additional interest wil accrue or be payable as a result of the delayed payment;

-- Contingent Coupons wil be calculated as described above under "Key Terms -- Contingent Coupons" and "Key Terms -- Coupon Rate" and will

not be calculated based on a 360-day year of twelve 30-day months;

-- notwithstanding anything to the contrary in the accompanying product supplement no. 6-I, in case an event of default with respect to the notes
shall have occurred and be continuing, the amount declared due and payable per $1,000 principal amount note upon any acceleration of the
notes wil be determined by the note calculation agent and wil be an amount in cash equal to the amount payable at maturity per $1,000

principal amount note as described above under "Key Terms -- Payment at Maturity," calculated as if the date of acceleration were (a) the
Observation Date, (b) the final Coupon Review Date and (c) the Final Disrupted Determination Date (if the date of acceleration is a Disrupted
Day), provided that any Contingent Coupon payable as a result of treating the

JPMorgan Structured Investments --
PS-1
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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date of acceleration as the final Coupon Review Date wil be prorated based on the ratio of the actual number of days from and including the

previous Coupon Payment Date to but excluding the accelerated maturity date over the number of days from and including the previous Coupon
Payment Date to but excluding the next scheduled Coupon Payment Date;

-- notwithstanding anything to the contrary in the accompanying product supplement no. 6-I or the underlying supplement no. 4-III, the

consequences of a commodity hedging disruption event wil be as fol ows:
If a commodity hedging disruption event (as defined under "General Terms of Notes -- Additional Index Provisions -- A. Consequences of a
Commodity Hedging Disruption Event -- Commodity Hedging Disruption Events" in the accompanying product supplement no. 6-I) occurs, we
wil have the right, but not the obligation, to cease paying further Contingent Coupons and to adjust your payment at maturity based on
determinations made by the note calculation agent described below. If we choose to exercise this right, in making this adjustment, the note
calculation agent wil determine, in good faith and in a commercial y reasonable manner, the Option Value (as defined below) as of the date on
which the note calculation agent determines that a commodity hedging disruption event has occurred (such date, a "commodity hedging
disruption date"). The "Option Value" wil be a fixed amount representing the forward price of the embedded option representing the Additional
Amount payable on the notes at maturity and the forward price of the embedded option representing all of the potential remaining Contingent
Coupons from but excluding the commodity hedging disruption date through and including the final Coupon Payment Date, provided that the
Option Value may not be less than zero. If we choose to exercise our right to determine the Option Value, we wil pay you at maturity, instead of
any future Contingent Coupons and the payment at maturity calculated as described above under "Key Terms -- Payment at Maturity," an
amount equal to (1) the Option Value (which may not be less than zero) plus (2) $1,000. The commodity hedging disruption event may occur
prior to the Observation Date. We wil provide, or cause the note calculation agent to provide, written notice of our election to exercise this right
to the trustee at its New York office. We (or the note calculation agent) wil deliver this notice as promptly as possible and in no event later than
the fifth business day immediately fol owing the commodity hedging disruption date. Additionally, we wil specify in the notice the Option Value as
determined on the commodity hedging disruption date.

JPMorgan Structured Investments --
PS-2
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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The JPMorgan ETF Efficiente 5 Index
The JPMorgan ETF Efficiente 5 Index (the "Index") was developed and is maintained and calculated by J.P. Morgan Securities plc (formerly known as
J.P. Morgan Securities Ltd.) ("JPMS plc"), one of our affiliates. JPMS plc acts as the calculation agent for the Index (the "index calculation agent"). The
Index is a notional dynamic basket that tracks the excess return of a portfolio of 12 exchange-traded funds ("ETFs") (each an "ETF Constituent," and
col ectively the "ETF Constituents"), with dividends reinvested, and the JPMorgan Cash Index USD 3 Month (the "Cash Constituent") (each a "Basket
Constituent," and col ectively the "Basket Constituents") above the return of the Cash Constituent, less a fee of 0.50% per annum that accrues daily.
The Basket Constituents represent a diverse range of asset classes and geographic regions.
The Index rebalances monthly a synthetic portfolio composed of the Basket Constituents. The Index is based on the "modern portfolio theory" approach
to asset al ocation, which suggests how a rational investor should al ocate his capital across the available universe of assets to maximize return for a
given risk appetite. The Index uses the concept of an "efficient frontier" to define the asset al ocation of the Index. An efficient frontier for a portfolio of
assets defines the optimum return of the portfolio for a given amount of risk. The Index uses the volatility of returns of hypothetical portfolios as the
measure of risk. This strategy is based on the assumption that the most efficient allocation of assets is one that maximizes returns per unit of risk. The
index level of the ETF Efficiente Index is determined by tracking the return of the synthetic portfolio above the return of the Cash Constituent. The
weights assigned to the Basket Constituents within the synthetic portfolio are rebalanced monthly. The strategy assigns the weights to the Basket
Constituents based upon the returns and volatilities of multiple hypothetical portfolios comprising the Basket Constituents measured over the previous
six months. The re-weighting methodology seeks to identify the weight for each Basket Constituent that would have resulted in the hypothetical portfolio
with the highest return over the relevant measurement period, subject to an annualized volatility over the same period of 5% or less. Thus, the portfolio
exhibiting the highest return with an annualized volatility of 5% or less is then selected, with the weightings for such portfolio applied to the Basket
Constituents. In the event that none of the portfolios has an annualized volatility equal to or less than 5%, this volatility threshold is increased by 1% and
this analysis performed again until a portfolio is selected. The weight of the Cash Constituent at any given time represents the portion of the synthetic
portfolio that is uninvested at that time and the Index wil reflect no return for that portion.
No assurance can be given that the investment strategy used to construct the Index will be successful or that the Index will outperform any
alternative basket or strategy that might be constructed from the Basket Constituents. Furthermore, no assurance can be given that the
Index will achieve its target volatility of 5%. The actual realized volatility of the Index may be greater or less than 5%.
The Index is described as a "notional" or synthetic portfolio or basket of assets because there is no actual portfolio of assets to which any
person is entitled or in which any person has any ownership interest. The Index merely references certain assets, the performance of which
will be used as a reference point for calculating the level of the Index.
The fol owing are the Basket Constituents composing the Index and the maximum weighting constraints assigned to the relevant sector and asset type
to which each belongs:

Sector Cap
Basket Constituent
Asset

Cap
1 Developed Equities

SPDR S&P 500 ETF T
® ®
rust

20%
2 50%

iShares® Russel 2000 Index Fund

10%
3

iShares® MSCI EAFE Index Fund

20%
4 Bonds

iShares® Barclays 20+ Year Treasury Bond Fund

20%
5 50%

iShares® iBoxx $ Investment Grade Corporate Bond Fund

20%
6

iShares® iBoxx $ High Yield Corporate Bond Fund

20%
7 Emerging Markets

iShares® MSCI Emerging Markets Index Fund

20%
8 25%

iShares® Emerging Markets Bond Fund

20%
9 Alternative

iShares® Dow Jones Real Estate Index Fund

20%
10 Investments

iShares® S&P GSCITM Commodity-Indexed Trust

10%
11 25%

SPDR® Gold Trust

10%
12 Inflation Protected Bonds

iShares® Barclays TIPS Bond Fund

50%
13
and Cash
JPMorgan Cash Index USD 3 Month
50%

50%

See "The JPMorgan ETF Efficiente 5 Index" in the accompanying underlying supplement no. 4-III for more information about the Index and
the Basket Constituents.
The level of the Index is published each trading day under the Bloomberg ticker symbol "EEJPUS5E."

JPMorgan Structured Investments --
PS-3
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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Selected Purchase Considerations

-- POTENTIAL PRESERVATION OF CAPITAL AT MATURITY -- Subject to the credit risk of JPMorgan Chase & Co., the payout formula al ows
you to receive at least your initial investment in the notes if you hold the notes to maturity, regardless of the performance of the Index. Because

the notes are our unsecured and unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay
our obligations as they become due.

-- APPRECIATION POTENTIAL -- At maturity, in addition to your principal and the final Contingent Coupon, if any, for each $1,000 principal

amount note you wil receive a payment equal to $1,000 × the Index Return × the Participation Rate of 100%, provided that this payment (the
Additional Amount) wil not be less than zero.

-- QUARTERLY CONTINGENT COUPONS -- The notes offer the potential to earn a Contingent Coupon in connection with each quarterly
Coupon Review Date of $1,000 × the Coupon Rate × 1/4 per $1,000 principal amount note. The Coupon Rate is 4.50% per annum, payable at a
rate of 1.125% per quarter. If the Index closing level on any Coupon Review Date is greater than or equal to the Initial Index Level, you wil

receive a Contingent Coupon on the applicable Coupon Payment Date. If the Index closing level on any Coupon Review Date is less than the
Initial Index Level, no Contingent Coupon wil be payable on the applicable Coupon Payment Date. If payable, a Contingent Coupon will be paid
to the holders of record at the close of business on the business day immediately preceding the applicable Coupon Payment Date.

-- RETURN LINKED TO A NOTIONAL DYNAMIC BASKET THAT TRACKS THE EXCESS RETURN OF A PORTFOLIO OF TWELVE ETFs
AND ONE INDEX, REPRESENTING A DIVERSE RANGE OF ASSETS AND GEOGRAPHIC REGIONS -- The return on the notes is linked to
the performance of the JPMorgan ETF Efficiente 5 Index. The Index tracks the excess return of a portfolio of twelve ETFs and the Cash
Constituent using an investment strategy that is based on the modern portfolio theory of asset al ocation, which suggests how a rational investor

should allocate his capital across the available universe of assets to maximize return for a given risk appetite. The Index uses the concept of an
"efficient frontier" to define the asset al ocation of the Index. An efficient frontier for a portfolio of assets defines the optimum return of the
portfolio for a given amount of risk. The Index uses the volatility of returns of hypothetical portfolios as the measure of risk. This strategy is
based on the assumption that the most efficient al ocation of assets is one that maximizes returns per unit of risk. See "The JPMorgan ETF
Efficiente 5 Index" in the accompanying underlying supplement no. 4-III.

-- TAXED AS CONTINGENT PAYMENT DEBT INSTRUMENTS -- You should review careful y the section entitled "Material U.S. Federal Income
Tax Consequences" and in particular the subsection thereof entitled "-- Notes Treated as Contingent Payment Debt Instruments" in the
accompanying product supplement no. 6-I. In the opinion of our special tax counsel, Davis Polk & Wardwel LLP, the notes wil be treated for
U.S. federal income tax purposes as "contingent payment debt instruments." You general y wil be required to accrue original issue discount on
your notes in each taxable year at the "comparable yield," as determined by us, subject to certain adjustments to reflect the differences
between the actual and "projected" amounts of any payments you receive during the year, with the result that your taxable income in any year
may differ significantly from the Contingent Coupons, if any, you receive in that year. Upon sale or exchange (including at maturity), you wil
recognize taxable income or loss equal to the difference between the amount received from the sale or exchange and your adjusted basis in the
note, which generally wil equal the cost thereof, increased by the amount of original issue discount you have accrued in respect of the note
(determined without regard to any of the adjustments described above), and decreased by the amount of any projected payments in respect of

the note through the date of the sale or exchange. You general y must treat any income as interest income and any loss as ordinary loss to the
extent of previous interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to limitations. Special rules
may apply if we elect to pay you the "Option Value" in lieu of any remaining Contingent Coupons and the Additional Amount, as a result of a
commodity hedging disruption event as described above in "Supplemental Terms of the Notes." Under these rules, you would be required to
account for the differences between the originally projected payments and the fixed amounts of those payments (i.e., for each Contingent
Coupon, zero, and for the Additional Amount, the Option Value) in a reasonable manner over the period to which the differences relate. In
addition, you would be required to make adjustments to, among other things, your accrual periods and your adjusted basis in your notes. The
character of any gain or loss on a sale or exchange of your notes would also be affected. You should consult your tax adviser concerning the
application of these rules. Purchasers who are not initial purchasers of notes at their issue price should consult their tax advisers with respect to
the tax consequences of an investment in notes, including the treatment of the difference, if any, between the basis in their notes and the notes'
adjusted issue price.

JPMorgan Structured Investments --
PS-4
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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Non-U.S. Holders -- Additional Tax Consideration
Non-U.S. Holders should note that recently proposed Treasury regulations, if finalized in their current form, could impose a withholding tax at a
rate of 30% (subject to reduction under an applicable income tax treaty) on amounts attributable to U.S.-source dividends (including, potential y,
adjustments to account for extraordinary dividends) that are paid or "deemed paid" after December 31, 2013 under certain financial instruments,
if certain other conditions are met. While significant aspects of the application of these proposed regulations to the notes are uncertain, if these
proposed regulations were finalized in their current form, we (or other withholding agents) might determine that withholding is required with
respect to notes held by a Non-U.S. Holder or that the Non-U.S. Holder must provide information to establish that withholding is not required.
Non-U.S. Holders should consult their tax advisers regarding the potential application of these proposed regulations. If withholding is required,
we wil not be required to pay any additional amounts with respect to amounts so withheld.
The discussion in the preceding paragraphs, when read in combination with the section entitled "Material U.S. Federal Income Tax
Consequences" (and in particular the subsection thereof entitled "-- Notes Treated as Contingent Payment Debt Instruments") in the
accompanying product supplement, constitutes the ful opinion of Davis Polk & Wardwel LLP regarding the material U.S. federal income tax
consequences of owning and disposing of notes.

-- COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE -- We have determined that the "comparable yield" is an annual rate of

4.03%, compounded quarterly. Based on our determination of the comparable yield, the "projected payment schedule" per $1,000 principal
amount note consists of the fol owing payments:

Projected
Payment
Payment Dates

Amounts
October 31, 2013

$11.53
January 31, 2014

$11.53
April 30, 2014

$7.55
July 31, 2014

$7.55
October 31, 2014

$7.55
January 30, 2015

$7.34
April 30, 2015

$7.42
July 31, 2015

$7.34
October 30, 2015

$7.34
January 29, 2016

$7.13
April 28, 2016

$7.05
July 29, 2016

$7.21
October 31, 2016

$7.00
January 31, 2017

$6.92
April 28, 2017

$6.77
July 31, 2017

$7.07
October 31, 2017

$6.71
January 31, 2018

$6.71
April 27, 2018

$6.49
July 31, 2018

$6.72
October 31, 2018

$6.50
January 31, 2019

$6.50
April 30, 2019

$6.29
July 31, 2019

$6.29
October 31, 2019

$6.29
January 31, 2020

$6.29
April 30, 2020

$6.29
July 31, 2020

$6.08
October 30, 2020

$6.08
January 29, 2021

$6.08
April 30, 2021

$6.15

JPMorgan Structured Investments --
PS-5
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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Projected
Payment
Payment Dates

Amounts
July 30, 2021

$5.87
October 29, 2021

$5.87
January 31, 2022

$5.94
April 28, 2022

$5.60
July 29, 2022

$5.66
October 31, 2022

$5.72
January 31, 2023

$5.45
April 28, 2023

$5.33
July 31, 2023

$1,154.34
Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount of
any Contingent Coupon or the Additional Amount that we will pay on the notes.
In addition, assuming quarterly accrual periods, the fol owing table sets out the amount of OID that wil accrue with respect to a note during
each calendar year, based upon our determination of the comparable yield and projected payments schedule:

Accrued OID
Total Accrued OID from
During Calendar
Issue Date (Per $1,000 Principal
Period (Per $1,000 Principal
Amount Note) as of
Calendar Period

Amount Note)

End of Calendar Period
July 31, 2013 through December 31, 2013

$16.67

$16.67
January 1, 2014 through December 31, 2014

$39.76

$56.43
January 1, 2015 through December 31, 2015

$40.40

$96.83
January 1, 2016 through December 31, 2016

$40.65

$137.48
January 1, 2017 through December 31, 2017

$41.19

$178.68
January 1, 2018 through December 31, 2018

$41.79

$220.47
January 1, 2019 through December 31, 2019

$42.45

$262.92
January 1, 2020 through December 31, 2020

$43.31

$306.23
January 1, 2021 through December 31, 2021

$44.10

$350.33
January 1, 2022 through December 31, 2022

$44.82

$395.15
January 1, 2023 through July 31, 2023

$18.68

$413.83
The amounts you actually receive on any Coupon Payment Date, at maturity or upon any earlier sale or exchange of your notes will
affect your income for that year, as described above under "-- Taxed as Contingent Debt Payment Instruments."
Selected Risk Considerations
An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Index, any of the Basket
Constituents or any of the securities, commodities, commodity futures contracts or other assets underlying the Basket Constituents. These risks are
explained in more detail in the "Risk Factors" section of the accompanying product supplement no. 6-I dated November 14, 2011 and the "Risk Factors"
section of the accompanying underlying supplement no. 4-III dated June 29, 2012.

-- MARKET RISK -- The return on the notes at maturity is linked to the performance of the Index, and wil depend on whether, and the extent to

which, the Index Return is positive and whether Contingent Coupons are payable over the term of the notes, including at maturity. YOU WILL
RECEIVE NO MORE THAN THE PRINCIPAL AMOUNT OF YOUR NOTES AT MATURITY IF THE INDEX RETURN IS NEGATIVE.

-- THE NOTES MIGHT NOT PAY MORE THAN THE PRINCIPAL AMOUNT AT MATURITY -- You may receive a lower payment at maturity than
you would have received if you had invested directly in the Index, any of its Basket Constituents or any of the securities, commodities,
commodity futures contracts or other assets underlying the Basket Constituents or contracts relating to the Index or any of the Basket

Constituents for which there is an active secondary market or if you had invested in conventional debt securities with the same maturity issued
by us. If the Ending Index Level does not exceed the Initial Index Level, the Additional Amount wil be zero. In addition, you will not receive any
Contingent Coupon at maturity if the Ending Index Level is less than the Initial Index Level. This wil be true even if

JPMorgan Structured Investments --
PS-6
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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the level of the Index was higher than the Initial Index Level at some time during the term of the notes but fal s below the Initial Index Level on

the Observation Date.

-- THE NOTES DO NOT PROVIDE FOR REGULAR COUPONS, AND YOU MAY NOT RECEIVE ANY COUPONS THROUGHOUT THE
TEN-YEAR TERM OF THE NOTES -- The terms of the notes differ from those of conventional debt securities in that, among other things,
whether we pay coupons is linked to the performance of the Index. We wil pay a Contingent Coupon with respect to a Coupon Review Date
only if the Index closing level on that Coupon Review Date is greater than or equal to the Initial Index Level. If the Index closing level on that

Coupon Review Date is less than the Initial Index Level, no Contingent Coupon wil be payable with respect to that Coupon Review Date, and
the Contingent Coupon that would otherwise have been payable with respect to that Coupon Review Date wil not be accrued and subsequently
paid. Accordingly, if the Index closing level on each Coupon Review Date is less than the Initial Index Level, you wil not receive any coupons
over the term of the notes.

-- THE LEVEL OF THE INDEX WILL INCLUDE THE DEDUCTION OF A FEE -- One way in which the Index may differ from a typical index is
that its level wil include a deduction from the performance of the Basket Constituents over the Cash Constituent of a fee of 0.50% per annum.

This fee wil be deducted daily. As a result of the deduction of this fee, the level of the Index wil trail the value of a hypothetical identically
constituted synthetic portfolio from which no such fee is deducted.

-- CREDIT RISK OF JPMORGAN CHASE & CO. -- The notes are subject to the credit risk of JPMorgan Chase & Co., and our credit ratings and
credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase & Co.'s ability to pay all

amounts due on the notes. Any actual or potential change in our creditworthiness or credit spreads, as determined by the market for taking our
credit risk, is likely to adversely affect the value of the notes. If we were to default on our payment obligations, you may not receive any
amounts owed to you under the notes and you could lose your entire investment.

-- WE MAY CEASE PAYING FURTHER CONTINGENT COUPONS AND ADJUST YOUR PAYMENT AT MATURITY IF A COMMODITY
HEDGING DISRUPTION EVENT OCCURS -- If we or our affiliates are unable to effect transactions necessary to hedge our obligations under
the notes due to a commodity hedging disruption event, we have the right, but not the obligation, to cease paying further Contingent Coupons
and to adjust your payment at maturity. In making such adjustment, the calculation agent wil determine in good faith and in a commercial y
responsible manner the forward price of the embedded option representing the Additional Amount payable on the notes at maturity and the
forward price of the embedded option representing all of the potential remaining Contingent Coupons from but excluding the commodity hedging
disruption date through and including the final Coupon Payment Date (the "Option Value") as of the date on which we declare a commodity

hedging disruption event (such date, a "commodity hedging disruption date"), which may be significantly earlier than the Observation Date. If we
choose to exercise our right to determine the Option Value, we wil pay you at maturity, instead of any future Contingent Coupons and the
payment at maturity calculated as described above under "Key Terms -- Payment at Maturity," an amount equal to (1) the Option Value (which
may not be less than zero) plus (2) $1,000. Under these circumstances, you wil receive no further Contingent Coupons, the amount due and
payable on your notes wil be due and payable only at maturity and the amount you receive at maturity wil not reflect any further appreciation of
the Index after such early determination. Please see "General Terms of Notes -- Additional Index Provisions -- A. Consequences of a
Commodity Hedging Disruption Event -- Commodity Hedging Disruption Events" in the accompanying product supplement and "Supplemental
Terms of the Notes" in this pricing supplement for more information.

-- POTENTIAL CONFLICTS -- We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as note
calculation agent (the entity that, among other things, determines the Index closing levels to be used to determine your payment at maturity, as
wel as whether you wil receive a Contingent Coupon with respect to any Coupon Review Date), index calculation agent, sponsor of the Index
and 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 note calculation agent, index calculation agent, sponsor of the Index, 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, 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. 6-I for additional information about these risks.
In addition, one of our affiliates, JPMS, is the sponsor of one of the Basket Constituents (the Cash Constituent). JPMS is also the sponsor of
the JPMorgan EMBI Global Core Index, which is the index underlying the iShares®

JPMorgan Structured Investments --
PS-7
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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JPMorgan USD Emerging Markets Bond Fund, another Basket Constituent. JPMS may, as a last resort, if there are no valid prices available for
composite instruments included in the JPMorgan EMBI Global Core Index, price such composite instruments by asking JPMS traders to provide

a market bid and ask. We wil not have any obligation to consider your interests as a holder of the notes in taking any corporate action that
might affect the values of the Cash Constituent, the JPMorgan EMBI Core Index and the notes.

-- MAXIMUM CONTINGENT COUPON ON THE NOTES -- If the Index closing level on any Coupon Review Date is greater than or equal to the
Initial Index Level, the Coupon Rate used to calculate the applicable Contingent Coupon wil be 4.50% per annum, payable at a rate of

1.125% per quarter, regardless of the appreciation on the Index. Accordingly, the Contingent Coupon, if any, payable on each Coupon
Payment Date will be limited to $11.25, regardless of the actual appreciation of the Index, which may be significant.

-- THE INDEX CLOSING LEVEL MAY BE HIGHER THAN THE INITIAL INDEX BEFORE AND AFTER A COUPON REVIEW DATE BUT
DECREASE BELOW THE INITIAL INDEX LEVEL ON THE COUPON REVIEW DATE -- In order to determine whether a Contingent Coupon is
payable on a Coupon Payment Date, the Calculation Agent wil determine the Index closing level only on the applicable Coupon Review Date.

Therefore, even if the Index closing level was higher than the Initial Index Level at any time prior to or after the relevant Coupon Review Date
(including on dates near the Coupon Review Date), if the Initial Index Level on that Coupon Review Date is less than the Initial Index Level, you
wil not receive a Contingent Coupon on the applicable Coupon Payment Date.

-- OUR AFFILIATE, J.P. MORGAN SECURITIES PLC, OR JPMS PLC, IS THE INDEX CALCULATION AGENT AND MAY ADJUST THE INDEX
IN A WAY THAT AFFECTS ITS LEVEL -- JPMS plc, one of our affiliates, acts as the index calculation agent and is responsible for calculating
and maintaining the Index and developing the guidelines and policies governing its composition and calculation. The rules governing the Index

may be amended at any time by JPMS plc, in its sole discretion, and the rules also permit the use of discretion by JPMS plc in specific
instances, such as the right to substitute a Basket Constituent. Unlike other indices, the maintenance of the Index is not governed by an
independent committee. Although judgments, policies and determinations concerning the Index are made by JPMS plc, JPMorgan Chase & Co.,
as the parent company of JPMS plc, ultimately controls JPMS plc.
In addition, the policies and judgments for which JPMS plc is responsible could have an impact, positive or negative, on the level of the Index
and the value of your notes. JPMS plc is under no obligation to consider your interests as an investor in the notes. Furthermore, the inclusion of
the Basket Constituents in the Index is not an investment recommendation by us or JPMS plc of the Basket Constituents or any of the
securities, commodities, commodity futures contracts or other assets underlying the Basket Constituents.

-- JPMS, UBS AND THEIR AFFILIATES MAY HAVE PUBLISHED RESEARCH, EXPRESSED OPINIONS OR PROVIDED RECOMMENDATIONS
THAT ARE INCONSISTENT WITH INVESTING IN OR HOLDING THE NOTES, AND MAY DO SO IN THE FUTURE. ANY SUCH RESEARCH,
OPINIONS, OR RECOMMENDATIONS COULD AFFECT THE MARKET VALUE OF THE NOTES -- JPMS, UBS and their affiliates publish
research from time to time on financial markets and other matters that may influence the value of the notes, or express opinions or provide

recommendations that are inconsistent with purchasing or holding the notes. JPMS, UBS and their affiliates may have published research or
other opinions that cal into question the investment view implicit in an investment in the notes. Any research, opinions or recommendations
expressed by JPMS, UBS or their affiliates may not be consistent with each other and may be modified from time to time without notice.
Investors should undertake their own independent investigation of the merits of investing in the notes and the Basket Constituents and the
securities, commodities, commodity futures contracts and other assets underlying the Basket Constituents included in the Index.

-- 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, 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

JPMorgan Structured Investments --
PS-8
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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